In a report on Thursday morning, OCBC Investment Research noted that UOB is still a"buy", and remains"inexpensive", even after its shares rallied for nine straight days, or are up by 9 per cent.
She added that over the past decade, despite a prolonged period of low rates, UOB was able to enjoy a sustainable net profit compounded annual growth rate of 7.7 per cent, with dividend distribution rising 7.2 per cent for the same period. Hong Kong’s Hang Seng also added 0.8 per cent, and China's Shanghai Composite Index surged 2.1 per cent. Australia’s S&P/ASX 200 Index gained 0.3 per cent.
Spot gold jumped 1.4 per cent to US$1,378.70 per ounce in the early morning trade, while US gold futures surged 2.5 per cent to US$1,382.70 an ounce.
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